Pakistan and China have reportedly discussed the possibility to include Pakistan Steel Mills (PSM) in China Pakistan Economic Corridor (CPEC), well informed sources told Business Recorder. This proposal came under discussed at 9th Joint Cooperation Committee (JCC) meeting held on November 6, 2019 in Islamabad.
However, other options are also open for getting the “best deal” to revive the PSM, which is inflicting about Rs 2 billion monthly losses to the national exchequer.
The sources said the revival of PSM was also discussed between Pakistan’s top political leadership and the Chinese top brass during recent visits. However, no final agreement was reached between the two countries.
“If both countries agree to include PSM in CPEC, it will be out of PPRA radar,” the sources added.
The debts and losses of the PSM increased from Rs 460 billion to Rs 510 billion during PTI government as Rs 120 million per day financial bleeding continues.